Ontario man buys home at 25 with earnings from reselling Roblox items
Aziz, 25, purchased a $710,000 house in Windsor using savings from his teenage side business reselling digital collectibles.
WINDSOR — A 25-year-old Ontario man bought a five-bedroom house in Windsor this summer using savings from a teenage side business reselling virtual items on the Roblox gaming platform.
Aziz purchased the detached home in July for $710,000, putting down $71,000. He earns about $100,000 a year working in public service, but his early earnings from Roblox, combined with investments and living with his parents, accelerated his path to homeownership.
"I think at the beginning I probably wasted a lot," he said. "When you’re 16 and can’t open a TFSA or an investment account until you’re 18, and you have a bunch of money coming in suddenly, then you really don’t know what to do with it."
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He started the business around 2016 when he was 15, noticing that some virtual hats and accessories on Roblox were sold in limited quantities. Once an item sold out, players could only get it from other users, and some were willing to pay real money on unofficial marketplaces.
Starting with $10 and his mother's PayPal account, he estimates he made roughly $1,000 in his first six months. By 2017 and 2018, he was earning between $40,000 and $50,000 annually from the venture, which he continued until increased competition made it less profitable in 2022.
In high school, he spent the money on iPhones, designer clothes, everyday expenses and part of his university tuition. He began seriously saving for a home while in university, after his family moved from the Greater Toronto Area to Windsor.
The move to a less expensive city allowed him to consider a home purchase he believes would have been out of reach in the GTA. Living with his parents also helped him save on groceries, utilities and car insurance.
It took almost two years to assemble his down payment. He maximized his RRSP contributions and added to his first home savings account for three years, investing mostly in index funds.
He withdrew $60,000 through the Home Buyer’s Plan from his RRSP, which had grown to almost $64,000, and $25,000 from his FHSA. This covered the down payment and closing costs without touching his TFSA.
For his mortgage, he compared offers from a bank and a mortgage broker. A credit union offered a variable rate of 3.45 per cent, which he accepted with a 30-year amortization, keeping his monthly payments just under $3,000.
He hopes to make additional payments to shorten the amortization period. Although he initially planned to buy a less expensive property, he believed the five-bedroom home was worth stretching his budget for its potential to accommodate a future family or be rented out.
The house needs updates including a new water heater, flooring, paint and work on the deck. Aziz has budgeted $10,000 to $15,000 for renovations and furniture and is still living with his parents, with plans to move in by the end of October.
He intends to live there for at least five to 10 years. His advice to others is to look beyond discouraging housing headlines and examine their own finances.
"You just have to realistically check how much income [you] have. How much can [you] save per month?" he said.
With files from The Globe and Mail